Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on NORDEX SE. We currently have 12 research reports from 1 professional analysts.
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Profiting from the consolidation effect
17 Nov 16
In Q3 16, revenues increased 24% to €792.7m including Acciona Windpower. Excluding the latter company, which was consolidated from 1 April 2016 onwards, organic revenues dropped 3.8% to €615.1m. The order intake increased 106.8% to €1.26bn including Acciona Windpower (AW) and excluding AW the order intake remained stable at around €606m. The order backlog jumped 105.7% to €3.68bn and excluding AW the order backlog grew 16.7%. The core markets of AW are the USA, South Africa and Brazil. EBITDA increased 34.1% to €67.3m and the EBITDA margin improved from 7.3% to 7.9%. EBIT however declined by 6.3% to €33.8m. The EBIT margin dropped from 5.3% to 4%. Net income rose 57.6% to €13.4m, mainly related to higher tax charges in Q3 15. In the first nine months, revenues increased 31.3% to €2.16bn and Nordex reached an organic growth rate of 10.3%. Total order intake including the service business grew 32% to €2.59bn. The order intake of the projects division increased 10.4% to €2.17bn. Excluding AW, the order intake dropped 23% to €1.5bn compared to €1.96bn in the first three quarters of 2015. The decline, however, was mainly due to large orders from Uruguay, South Africa and Pakistan received in 2015. The total volume reached €480m. Excluding this additional volume, the order intake would have increased moderately by 2%. The EBIT margin declined from 5.5% to 5.4%.
Energy policy in Germany – lost in translation
11 Oct 16
According to the latest news, the German government is planning to reduce onshore windmill installations in the north of Germany and accelerate growth in the south. Around 2,500GW installations per year are projected via tender offers or a bidding processes. The new legislation, which will start in March 2017, is suggesting to install only 902MW of wind turbine capacity in the north of Germany. The remaining volume will be transferred to the south.
Wind energy industry's margins under pressure!
29 Aug 16
The ongoing auctions in Chile, one of the most interesting markets for photovoltaic and wind energy, leaves some doubts about who will profit from the razor-thin margins. On average, around 350MW per year are expected to be installed until 2025. A total of 12,430GWh a year of electricity has been auctioned for the generation period from 2022 to 2042. This volume will cover 30% of the electricity demand for Chile in 2021. Nordex confirmed negotiations as the preferred wind turbine supplier with Acciona Energia in Chile to provide 183MW for a wind farm.
The merger is driving the performance
01 Aug 16
Nordex reported strong second quarter results. Revenues increased 40.2% to €846.4m (excluding Acciona Windpower 10.6%) and EBITDA jumped 53.6% to €77m. The EBITDA margin increased from 8.3% to 9.1%. EBIT rose 26.7% to €46.6m and the EBIT margin declined from 6.1% to 5.5%. Order intake increased 11% to €789.2m including Acciona Windpower. Acciona Windpower contributed €434.4m (USA, South Africa and Brazil) to total order intake in Q2 16. Excluding Acciona Windpower, the order intake would have plummeted by 48.7% to €365.8m. The merged company was consolidated for the first time from 1 April. Total installations increased 91% (76% excluding Acciona Windpower) to 1,165MW and turbine assembly 28% (15% excluding Acciona Windpower) to 1,298MW.
Strong earnings momentum in Q1 16
23 May 16
The company reported final Q1 16 results. Revenues increased 28.3% to €637m and the order intake declined by 15.8% to €541m mainly due to a large order (Gibson Bay project in South Africa) received in Q1 15. Order intake adjusted increased 9%. The order backlog declined 1.1% to €1.64bn. EBITDA increased 56.6% to €59.1m and the EBITDA margin jumped from 7.6% to 9.3%. EBIT also increased 81.4% to €44.9m. The EBIT margin improved from 5% to 7.1%. Net income skyrocketed 71% to €25.5m and earnings per share from €0.18 to €0.31 based on the old number of shares. The acquisition Acciona Windpower will be consolidated from the second quarter onwards.
Strong start into 2016
10 May 16
The company reported preliminary Q1 16 results. Revenues increased 28.3% to €637m. The order backlog declined marginally by 1.1% to €1.6bn and the order intake dropped 16% to €541.m. In Q1 15, the company profited from a large order. The acquired company Acciona Windpower will be consolidated from 1 April. Nordex increased installations by over 100% from 240.2MW to 490.5MW mainly in Germany (147MW), Pakistan (95MW) and France (72MW). Turbines of around 573.9MW (+24.2%) were produced and the number of blades jumped over 100% from 66 units to 159 units.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Playing the long term, with short-term risks
16 Feb 17
After the publication of the annual results, we update our view and highlight the key points. Q4 16 key highlights As a reminder, the company reported results 30% below expectations at $400m for Q4 16. By division: 1) In upstream, underlying replacement costs profit came to $400m, vs. a loss a year earlier of $728m and a loss of $224m in Q3 16, reflecting the ongoing lower costs which have benefited from simplifications, efficiencies and lower exploration write-offs. In the US, the loss is still $147m. Production came in at 2.19mbpd, down 5.5% yoy due to disposals and up 1.8% on an underlying basis thanks to ramp-ups. One of the key events during the quarter was the renewal of BP’s onshore concession in the UAE with a 10% interest in the ADCO onshore oil concession. In terms of outlook, production should be higher in 2017 and will depend on the timing of project start-ups, acquisitions, divestments, and OPEC quota. Also the Abu Dhabi concession will be visible as from Q1 17. 2) In downstream, replacement costs profit came to $877m, down from $1.2bn a year ago and $1.4bn in Q3 16. The US division showed a loss of $371m vs a gain of $1.25bn. Non-US Fuel business earnings halved to $417m due to the weaker refining environment as well as the impact from the particularly large turnaround at the Whiting refinery. In lubricants, profit rose to $357m, reflecting the continued strong performance in its growth markets and premium brands as well as simplifications and greater efficiencies. The margin should remain unchanged for Q1 17. 3) Rosneft. Underlying replacement costs profit came to $135m, down from $235m a year ago, affected by the increased government take. Production was at 1.15mbpd, up from 1.03mbpd a year ago. This reflects the completion of the acquisition of Bashneft and Rosneft’s increased stake in the PetroMonagas venture. BP received a dividend of $322m after deduction of the withholding tax, in July 2016. On the Macondo oil spill, the charge taken for the Q4 16 pre-tax was $530m. This reflects BP’s latest estimates for claims including business economic loss. The pre-tax cash outflow on costs related to the oil spill for the full year 2016 was $7.1bn. Cash flow Excluding the Gulf of Mexico payment, the operating cash flow was $4.5bn. Underlying operating cash flow excluding the oil spill-related payment was $17.8bn for the full year. Proceeds during the year and the scrip dividend were not enough to cover capex and the cash dividend. Gearing at the end of the year increased to 27% ($35.5bn debt), in the high range of the group’s target of 20-30%. Organic capital was $16bn, below original guidance of $17bn to $19bn. Capex in 2017 should be close to $16-17bn. Divestment proceeds should be higher in 2017, close to $5bn and then reducing by $2-3bn per year after 2018. The total costs of the Deepwater payment should fall to $2bn in 2018 and then $1bn per year as from 2019. In 2017, this should be close to $5bn. All in all, including the latest acquisitions, cash flow break-even should be close to $60/bbl in 2017.
Share & share alike
14 Feb 17
The rally in the last fortnight, highlighted in the table, reflects a continued flow of positive updates and economic news. The FTSE 250, Small cap and Fledgling indices have reached record highs. We are in the lull ahead of results for those companies with a December year end, a welter of economic data regarding the UK economy, the State of the Union address in the US on 28 February and the UK Budget on Wednesday 8 March. We will learn at that stage the latest forecasts from the Office of Budget Responsibility. As highlighted previously, the reaction to corporate updates will continue to set the tone.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
GMP FirstEnergy ― UK Energy morning research package
17 Feb 17
Enquest (ENQ LN): Speculative Buy, £0.65: Kraken FPSO in the field and hooked up in the North Sea | Ithaca Energy (IAE LN/CN)6: BUY, £1.40: Stella First Hydrocarbons in the North Sea | Bowleven (BLVN LN) (not covered): Denies claims made by Crown Ocean Capital